Should Weakness in Zimmer Biomet Holdings, Inc.'s (NYSE:ZBH) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
Should Weakness in Zimmer Biomet Holdings, Inc.'s (NYSE:ZBH) Stock Be Seen As A Sign That Market Will Correct The Share Price Given Decent Financials?
It is hard to get excited after looking at Zimmer Biomet Holdings' (NYSE:ZBH) recent performance, when its stock has declined 9.6% over the past month. But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. Particularly, we will be paying attention to Zimmer Biomet Holdings' ROE today.
看了Zimmer Biomet Holdings（纽约证券交易所代码：ZBH）最近的表现，很难感到兴奋，当时其股票在过去一个月中下跌了9.6％。但是，如果你密切关注，你可能会发现其关键财务指标看起来相当不错，考虑到市场通常会奖励更具弹性的长期基本面，这可能意味着该股有可能在长期内上涨。特别是，我们今天将关注Zimmer Biomet Holdings的投资回报率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之，它衡量公司相对于股东权益的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的？
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Zimmer Biomet Holdings is:
因此，根据上述公式，Zimmer Biomet Holdings的投资回报率为：
8.2% = US$1.0b ÷ US$12b (Based on the trailing twelve months to December 2023).
8.2% = 10亿美元 ÷ 120亿美元（基于截至2023年12月的过去十二个月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.08 in profit.
“回报” 是过去十二个月的税后收入。将其概念化的一种方法是，公司每拥有1美元的股东资本，就会获得0.08美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前为止，我们已经了解到，投资回报率衡量的是公司创造利润的效率。根据公司选择将多少利润进行再投资或 “保留”，我们便能够评估公司未来创造利润的能力。假设其他一切保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
A Side By Side comparison of Zimmer Biomet Holdings' Earnings Growth And 8.2% ROE
Zimmer Biomet Holdings的收益增长和8.2％的投资回报率的并排比较
At first glance, Zimmer Biomet Holdings' ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 11% either. However, we we're pleasantly surprised to see that Zimmer Biomet Holdings grew its net income at a significant rate of 35% in the last five years. Therefore, there could be other reasons behind this growth. Such as - high earnings retention or an efficient management in place.
乍一看，Zimmer Biomet Holdings的投资回报率看起来并不十分乐观。一项快速的进一步研究表明，该公司的投资回报率与行业平均水平的11％相比也并不理想。但是，我们惊喜地看到，在过去五年中，Zimmer Biomet Holdings的净收入大幅增长了35％。因此，这种增长背后可能还有其他原因。例如——高收益留存率或实行高效管理。
We then compared Zimmer Biomet Holdings' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 13% in the same 5-year period.
然后，我们将Zimmer Biomet Holdings的净收入增长与该行业进行了比较，我们很高兴地看到，与同期同期增长率为13％的行业相比，该公司的增长数字更高。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Has the market priced in the future outlook for ZBH? You can find out in our latest intrinsic value infographic research report.
收益增长是估值股票时要考虑的重要指标。对于投资者来说，重要的是要知道市场是否对公司的预期收益增长（或下降）进行了定价。然后，这可以帮助他们确定股票是为光明的还是暗淡的未来准备的。市场是否对ZBH的未来前景进行了定价？您可以在我们最新的内在价值信息图研究报告中找到答案。
Is Zimmer Biomet Holdings Making Efficient Use Of Its Profits?
Zimmer Biomet Holdings是否在有效利用其利润？
Zimmer Biomet Holdings has a three-year median payout ratio of 42% (where it is retaining 58% of its income) which is not too low or not too high. So it seems that Zimmer Biomet Holdings is reinvesting efficiently in a way that it sees impressive growth in its earnings (discussed above) and pays a dividend that's well covered.
Zimmer Biomet Holdings的三年派息率中位数为42％（保留了收入的58％），不太低或不太高。因此，Zimmer Biomet Holdings似乎正在高效地进行再投资，其收益将实现可观的增长（如上所述），并支付的股息覆盖范围广。
Additionally, Zimmer Biomet Holdings has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 12% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 17%, over the same period.
此外，Zimmer Biomet Holdings已在至少十年内派发了股息，这意味着该公司非常认真地与股东分享利润。现有的分析师估计表明，该公司未来的派息率预计将在未来三年降至12％。因此，派息率的预期下降解释了该公司同期的投资回报率预计将增长至17％。
Summary
摘要
In total, it does look like Zimmer Biomet Holdings has some positive aspects to its business. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总的来说，Zimmer Biomet Holdings的业务看起来确实有一些积极的方面。尽管回报率很低，但该公司将其利润的很大一部分再投资于业务这一事实无疑促进了其高收益增长。话虽如此，最新的行业分析师预测显示，该公司的收益增长预计将放缓。要了解有关公司未来收益增长预测的更多信息，请查看这份关于分析师预测的免费报告，以了解更多信息。
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